Deputy Chairman of the Central Bank Zabotkin announced a possible reduction in the key rate in 2024
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Deputy Chairman of the Central Bank of Russia Alexey Zabotkin said that the regulator will need to maintain the key rate at a high level for a long time. But in 2024, he said, it will decline.
“Based on the current assessment, we will need to keep rates high for a long time and implement a tight monetary policy. At the same time, the October forecast assumes an average level of the key rate for 2024 in the range from 12.5% to 14.5%, which means a decrease. At what point it will begin depends on the rate of decline in inflation and the decline in inflation expectations,” Mr. Zabotkin said in an interview with the TV channel NTV.
According to him, it will take three to six quarters from the rate change to its reflection on inflation. He called trust in the actions of the Central Bank an important component of the effectiveness of monetary policy. Alexey Zabotkin added that the regulator is studying the criticism addressed to it, but proposes to judge it based on the real result.
In an interview, the deputy chairman of the Central Bank said that the regulator’s goal is inflation at 4%. Inflation of 7.5%, according to Mr. Zabotkin, greatly impacts the pockets of citizens and means a possible increase in interest rates. Lending growth rates in 2024 will be 10-12% lower than this year, he said.
On December 15, the Central Bank raised the key rate for the fifth time in a row – from 15% to 16% per annum. The regulator explained its decision by inflationary pressure. In October-November, seasonally adjusted price growth amounted to 10.0% annualized.
More details in the text “Kommersant” “Sixteen to Tone”.
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